have a great night we will see you tomorrow. lou: good evening. thank you for being with us an extraordinary day on wall street. a triple digit rally in the market but a midday controversy sending the market into a brief triple digit plunge. nuts -- dow jones industrial average rebounds to gain 150 points and dsm point* 616 nasdaq finishes 36 points but a tumultuous day in the market caused by a false tweet from the associated press. the ap was hacked causing an instant and massive sell-off the associated press twitter

freed reading there were two explosions in the white house and the president was injured the dow jones industrial average immediately plunged 145 points in just two minutes. as you can see it happen between one '08 and 1:10 p.m. the associated press moments later announced third tweet was erroneous and atwitter account had been hacked and then it was suspended. wait house press secretary assure the press corps that at the top of his briefing the president was fined. >> appears the twitter account has been hacked. [inaudible] >> i can say the president was fine. i was just with him. lou: after assurances from the associated press and the

white house the market's began to swing back sharply resulting in the triple digit gains. the sec commissioner daniel gallagher telling reuters his agency is looking into the bogus tweet with the commodities and futures trading official telling fox business it is'' mac standard operating procedure to look into any major market moves that would affect the index affected by today's event or any like its. taking a broader look dupont started the morning with news a profit doubled and that agricultural division showing double-digit growth and catholics adding 2 million subscribers in the last three months. not flex has more subscriptions than hbo and a profit of $0.31 per share.

it is up 134% year-to-date after the about apple reported the first decline in earnings in a decade but it beats the reduced expectations and profits of $10.9 per share and issuing a general cautious outlook. goldas down losing $12.40 an ounce and that 10 year yields 1.seven o%. the action in the markets today the wilshire 5,000 posted a gain of $200 billion in market cap. joining us now with the outlook for equities is rbc capital market, george, good to have you with us and said weisberg.

this loaded venture at 1:00 today, your thoughts? >> the unintended consequences of training regulations and have been implemented over the last seven couriers and the sec rule changes. this is the world we live in. we're still trying to figure out the flash crash from a couple years ago and here we are again. lou: we don't any have any journalist we don't have answers for what occurred. george, your thoughts on the market for the results? >> overall you have to realize we're still the most liquid and the best market in the world. if you think about the amount of money that changed hands even though it was extremely polished tile and

was able to change hands. lou: i am with you. we should be at a premium with the u.s. markets, but it is about time that we will not put up with any more of this nonsense whether dart, a flash crash crash, this nonsense today the sec says go ahead public notice you are so good with social media it is the 21st century. >> i have great problems. as i said the unintended consequences, rule changes nobody had any concept and the liquidity of the issue is set aside for the benefit of people with lot of capital and i think it has undermined the integrity of

our markets and that it knows what it is doing. >> it is globalization. the money now goes. lou: we will not try. [laughter] >> you are looking for opportunities. years ago we had limits and we would have time to find the other side of transactions but today we don't have that luxury. and we have to set intraday margin calls to clients around the world when. >> but at the same time to be one with smarter than it was. lou: that is why you are here. but et me finish.

reset your lot lot -- watching a lot of games being played with the markets i have already tipped my hand to the commodities but there also needs to be regulation. in this business with globalization it is a big world before there is nothing new. >> regulatory arbitrage is new that if you look at the commodities not happening in the contract market under the cftc or exchange the jurisdiction all major problems happened overseas. lou: it is globalization. you could not lay them off on our friends around the world. >>. [laughter] you can do that with equity. >> they are trying. there must be a moral authority.

not who has the fastest computer or this fast as it in to it -- identified as the goldman sacks of the world with the vast majority is left in the dust. lou: most of fact has left commodities and equities in the dust. we have scared the devil out of the retail market. death the markets would understand it is time to expand. not just geographically. >> you will find that with commodities the open interest long and short contracts have increased. that has decreased because there are better opportunities elsewhere.

>> going to wear the best performance was. >> gold issues misunderstood i say it was perceived that '' basically a loss against fresh purchasing power from other currencies. >> i believe it is still a safe havens in and give us your thoughts what you will see in the weeks ahead? >> smack dab in the middle of earnings season. 70 percent of those who have reported halfbeaks it is true the guidance have come down low but they seem to do that every quarter. i am sure when it is all said and done 70 percent

will be to that will be the focus but then we go back to the economic embers. two steps forward and one steps back. lou: you'll both be pleased we just received word not only is the sec looking into that instead plunged and a twitter account but the fbi is now investigating. that is where we are. >> long term you have to be bullish. of commodities or equities. lou: the latest details of the immigration proposals and the boston bombing and

then gauzy a new report lays out clearly who was responsible. stay with us. >> a left-wing activist groups say that i am anti-immigrant because i want answers to questions which they say they have. we will examine there so called answers in the "chalk talk." a big day as some land securities secretary is grilled by the senate on immigration and border security, boston bombings, fbi, you get the idea. next. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's livedell into their 90s. and that's a great thing. but even though we're living longer,

one thing that hasn changed: the official retirement age. ♪ the question is how do you make sure you have the money u need to enjoy all of these years. ♪ at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to make your business r business. od. helping the world keep promises.

>> was your department aware, and if not, the reason? >> yes, the system pinged when he was leaving the united states. by the time he returned, all investigations had been -- the matter had been closed. >> napolitano says the system that flags the investigation was no longer active when he return back from russia in 2012. >> the system picked up departure, but did not pick him upcoming back; is that correct? >> the fbi tech alert on him at that point was more than a year old and had expired. >> reporter: napolitano's public statement contradict a briefing begin by an fbi @%rector. >> after talking to the fbi, they told me they had no knowledge of him leaving or coming back. the name was misspelled, and

when besay there was no broader flights here, i don't know how in the world we know that at this early stage. >> the democratic chair the senate intelligence committee held the closed door hearing tuesday to address the conflicting reports. >> we had a full discussion back and forth over the process that's fooled, and what we need to keep at that, and we need to see if there are any loopholes in it that we fix those loopholes. >> during the trip last year, russian media reports say he tried to renew the pass ported and abruptly left the country before picking it up without explanation. one told fox why the boston suspect may have slipped through. >> actually, the problem is we have procedures in russia and the united states. for example, we don't have no-fly list. we have a wanted list. >> u.s. officials say investigators are considering whether the brothers read online magazines, "inspire" to pick up the bomb making skills, but a former seal says the quantity

and ethics of the three pressure cooker bombs suggests hands on training. >> the individuals were able to reproduce weapons using crude materials off the shelf in an effective manner. that shows me that there's some training there. it's not just something that somebody read. >> while today an unnamed u.s. official says the woking theory of investigators is that the two the working serrate -- terry of investigators they acted alone after both the chair and ranking member of the senate intelligence committee insisted it was premature to conclude there were no oversees ties and the fbi is reconstructing tamerlan tsarnaev six months in russia. lou: a scathing new report by five house republican committees blames former secretary of state hillary clinton for the failure to protect our consulates and benghazi from a tax of a month ago. the 46 page report issued

after months of gathering testimony cites a cable from as early as the 19th of april last year bearing signature with an acknowledgement of a request for more security but approving reductions of facilities and benghazi instead and it includes the obama administration reaction what was called mac a concerted attempt to insulate the department of state from blame following the attacks" end quote. the report's release comes as more than half house republicans are pushing house speaker john painter to create a select committee to investigate the september attack and benghazi. critics attack last night's talk talk imagine that. one that we detail the unanswered questions around illegal immigration we will take that up with the advocacy group that tries to

appear so pristine and purer and above politics and we will examine that as well. one of the loudest vocal critics of gang of 8 is congressman smith and he will join us to share his concerns next. for seeing your business in a whole new way. for seeing what cash is coming in and going out... so you can understand every angle of your cash flow- last week, this month, and even next year. for seeing your business's cash flow like never before, introducing cash flow insight popowered by pnc cfo. a suite of online tools that lets you turn insight into action.

...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking b behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.

lou: what is the real cost of social and medical services? what is that answer definitively? water those illegal immigrants paying in taxes and providing in the way of services to others? i asked 18 questions which have no definitive answers concerning the impact of illegal immigration. is a positive, is a negative why doesn't the government

know or why are politicians so quick to see legislation passed? george soros backed left-wing hit squad media matters' say they do know the answers and i was anti-immigrant because i did not acknowledge the answers. i failed on basic immigration fax. apparently they have all the answers. but instead of an honest response to confuse and conflates issues and the 2009 report from the think tank from the policy institute with the union backed institute found immigration which we support as a whole $37 billion.

to the nation's gdp every year. that doesn't answer my question. i have no question about legal immigration. by the way my guess is that number is ridiculously small my question is do we make money or benefits or prosper? media matters went on to cite a professor of that it would decrease gdp by 2. $6 trillion over the next 10 years. 2.6 trillion. i don't know how they came up with that but who is that? put that down. 2.6 trillion.

but who was at professor? we have a pitcher roald -- -- teaching chicano studies his name is raul yes and the independent objective academic mind who is then academic pursuit more of an activist and think chicano gives that away. i cannot imagine how he came up with 2.$6 trillion but we give it to you. here it is but also like media matters we could cherry pick the studies to prove a point* but the fact is they're not empirically it objectively researched. for example, the federation for american immigration reform perfectly fine organization like ucla of

the fiscal policy institute this restriction nest nest, anti-immigration and estimate they cost taxpayers $113 billion per year for crying out loud. 130 million. really? but just like the good professor they are activist i am asking for objective answers for those who will make public policy decisions as important as border security and immigration reform to have real answers reno the studies of how much can you rely upon them? media matters knows the answer but that isn't what they are about. within your time points out are undocumented workers contribute 15 billion per year.

with the social security $15 billion per year with social security. that is fine through payroll taxes. but they said that immigrant without a high-school degree would have a net cost of $89,000. her year over their lifetime. who do believe? the national research council, "new york times", we believe the national research council basically $90,000 is the net cost? what we're asking for is simple honesty for the american people. this doesn't have to be an ugly discussion but it does have to be honest. media matters and organizations like it fails to understand these are

honest questions that deserve honest answers. there's nothing anti-immigrant about demanding responsible leadership based on fact and empirical studies in washington and public policy based on all of that, not just politics. but public policy choices in the nation's interest. >> the boston bombing suspect is not an enemy combat into? then what is the. we have the answers with "dobb's law". the analysis says the obama budget is fair on taxes he raises them on every one. details ahead. a plan to reform the immigration laws with gang of 8 but lamar smith says it is worse than we expected.

i'm telling you right now, the girl back at home

would absolutely not have taken a zip line in the jung.

i'm really gd that girl stayed at home. vo: expedia helps 30 million travelers a month find what they're looking for. one traveler at a time. expedia. find yours.

lou: remember when the president promised he would not raise taxes on the middle class? and analysis from the tax policy center finds his budget does that. between 100 and $200,000 per year will pay $150 more in taxes each year some earning less than 100,000 would pay just under $100 and congress is not expected to take up the president's budget anytime soon provide a report finds the internal revenue service over paid billions of dollars in tax credits designed to help low-income families and the ira's overpayments amount between 11.6 billion and 13 point* $6 billion that range is the government's calculation. the budget over fbi was just over a billion dollars last

year. turning to immigration reform my next guest calls the gang of 8 plan mass amnesty now we need to take it slow and get a right. joining me now is congressman of lamar smith from texas chairman of the committee on science base and technology. let's start with a reflexive response with the left in the right to with the bombings and boston that it should accelerate the passage of the immigration reform and immediately where do you come down? >> we need to get all the facts before we determine how the bombing's impact immigration policy but we

need to put the safety of the american people first. that means we don't immediately legalize the 10 million people illegally before we have secured borders it seems to me if we rush the bill we will jeopardize american lives so i think the message is go slow, wait and see with the result of the bombings but don't rush to get the bill through any time soon. lou: you called the nicole petallides -- gang of 8 planned mass amnesty. why? >> with the senate immigration bill six months after it is enacted almost everybody in the country illegally will be legalized and get amnesty. they will get amnesty before the borders are secure. and pay december 14 and says

of the border is insecure after five years a commission will be appointed to make recommendations. that doesn't sound like a deadline for border security lou: that is the guaranteed? talk about border security, that he would be satisfied in coming years with state teachers with the term of art operational or operatives security. what in the world? how about securing the borders? >> avenue where she gets her information the gao said only 6 percent of the borders have full control only 20% under operational control that is less than half with a failing grade

and as far as the triggers is a hope and wish if not done within five years there is another commission so it is amnesty for stand border security later, if ever. lou: in sure the temperature you have taken. is it likely? you have your own gang of 8. you are working on this issue but the first words are they love what the gang of 8 has done. will we watch this get rubber-stamp? >> not all. i do not think the senate immigration bill as it now stands will pass the senate. as far as what is going on they have not made pants -- plans public. we will pass the guest worker plan and a bill for

more immigrants to need the skills they need to get jobs and take care of their families. to pass that you verify bill to make sure workers who hire those here illegally and we will do it right on the house judiciary committee that is a direction you'll see congress go. lou: always good to talk with you. good to be here. make your voice heard and join the discussion at lou dobbs.com an e-mail me at lou@loudobbs.com or twitter at lou dobbs news. the man accused of sending rice and poison to the president now suspect it was a frame. we will tell you who was really framed. next. @

lou: officials dropping charges against the

mississippi man who was suspected of sending rice in poison letters to obama hours after paul kevin curtis was released on bond the investigators yesterday said they found no evidence of the potentially deadly poison in the man's home or his car and the fbi is investigating other potential suspects and we're told it will be another month before a federal court decides whether the faa can furlough air traffic controllers because of a sequester, they say. causing flight delays around the country the d.c. circuit court of appeals say because they're such an efficient organization they have set a deadline of may 22nd and the main airline industry group to file documents before denying the request of the emergency stay trying to stop the furlough.

they did not think that would be inconvenienced to thousands of workers but both parties are urging the administration to postpone or cancel the furloughs claiming cfa a is a tool with which the administration plays politics. the energy department announces its version of taxpayers using $21 million from troubled car maker fisker automotive. the company on the verge of bankruptcy now with $171 million. they spent $660,000, and many of those yours and mine with every $103,000 car it sold. up next to the boston and

bombing suspect read miranda rights. what happened to enemy combat and? he has been assigned three public defenders to ask if we're fighting a war or is this a legal issue? "dobb's law" takes up the case with our attorneys. there necks. ♪ 50% more yeeeaaahhhh!!!! ♪ 50% more yeah yeah [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase, plus a 50% annual bonus on the cash you earn. it's the cd for people who like more cash. ♪ 50% more boogie ♪ what's in your wallet? cashhh!!!

lou: senator lindsay gramm rail against the government's handling of the boston marathon bomber case. >> we don't believe tear at toward the fighting crime and these are wavered people and this is not that big of a deal. give him of lawyer and reid and his rights and we will plea-bargain we're not fighting international

radical islamist to hate our debts and we're sending the signal to disarm ourselves at a time of great threat. lou: he had of bellyful of the nonsense since boston and the fellow who was no longer the enemy combat and. least we'll joins us former criminal attorney arthel neville joins us. whether they doing in boston? how would you feel about what he said? >> el think they could try him as the enemy combatants. it was a crime, a terrorist attack on u.s. soil by a u.s. citizen. that equals a federal court the did mirandize ma couple of. lou: the people of the administration's aid could god and kill an american citizen with the missile from a drama you cannot call

him an enemy combatants? >> i am upset because i said i would only do the segment if she took her normal position everybody should go down. [laughter] rational and reasonable and legal because that is what makes the country great and as litigators' involved in the system this is at the heart of what makes america a great nation for the same day. >> by the way. lou: what makes this a great nation? hundreds of thousands of americans who got out of uniform to defend it and our rights and have killed the enemy and have done and will do so again. >> nation of laws those apply to everyone. that is why if we don't have a king fighter was 300 years ago who decides. lou: speaking of the king. >> don't forget i'm guessing

the death penalty should be off the table i think they should go for it but weapons of mass destruction. lou: mayor bloomberg said the constitution has to change after the boston bombing and compared it to the den debate -- gun debate >> his wording is horrible although in a completely wrong way that we have to expect there is some expectation of privacy when on the public streets. there will be more cameras and that is okay. i am fine with that. lou: they take away our rights to go back the second amendment. >> mayor bloomberg he is a one-man terrorist man. >> with justice scalia said you find people as intelligent as those who created the constitution and we have the convention but until then it will stay the way it is.

lou: we will be right back. look at they got the wrong guy in a day mother's case on that important issue. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind...

delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. for sein a whole new way. for seeing what cash is coming in and going out... so youan understand every angle of your cash flow- last week, this month, and even next year. for seeing your business's cash flow like never before, introducing cash flow insight powered by pnc cfo. a suite of online tools that lets you turn insight into action.

lou: we are back with our counselors. now turning to the ricin case now that elvis impersonators no longer a suspect after his name has been broadcast across the world? >> it was a huge mistake. they spent one week he was incarcerated went to his house to find no trace is that it takes to make this this, no evidence of the materials they sees computers.

they made a tremendous mistake that the greatness of our system is they figured that out and if midget. >> they had probable cause to search for the rest of bin in half. lou: is the a rich man now does he have a lawsuit greece but? >> he does. absolutely it was a high-profile case stemming vacated your door and it tousing you try to kill the president of united states and a judge. a manager in the emotional and mental trauma i'm trying to kill the president? >> keep your day job. >> the you know the government will say we would not reckless we had probable cause and they will shield them so. >> the we need to follow the

rules if you take this story and piggyback with the boston story ww need to be a nation of laws. lou: i could not second you loud enough and i would conference in the mayor bloomberg. turned to facebook. of guy gives away the ar-15 and facebook shoved him down? faerie that the apologist for terrorist than boston. what is that all about? >> this is a frightening evening because i'm going to agree. this is scary. facebook says on the terms of the agreement cannot have these contest to promote products with a clear violation of the law of

facebook you have to shut it down. lou: the facebook is not a political group is the gateway illogically, politically and now in terms of a public arena. >> so this goes back to bloomberg? he has the blind hold and mayor of this city of new york is the world's reliving in. the media, the many, the politics. >> you talk about a concentration of power in the hands of a few there is nothing in the nation's founding that anticipated this circumstance. >> capitalism at its worst. >> i am a capitalist also in the great republic